Lagos State Governor, Babajide Sanwo-Olu, has called on stakeholders in the housing sector to adopt global best practices to minimize disasters in the industry. Speaking at the Real Estate Market Place Conference and Exhibitions with the theme “Real Estate Regulation: … Continue reading Sanwo-Olu calls on builders to embrace industry standards
The Nigerian federal government reportedly expended N375.8 billion on electricity subsidies from January to September this year, while power consumers paid a total of N782.6 billion for electricity during the same period. Data from the Nigerian Electricity Regulatory Commission (NERC), … Continue reading Electricity subsidy hits N376 billion as consumers Shell out N783 billion
Following a string of four bullish trade sessions last week, Nigerian Exchange investors experienced a notable gain of N464 billion. The market exhibited a positive trend from the opening day and sustained this momentum until Thursday, resulting in investors accruing … Continue reading Equity market surges by N464 billion on NGX
Food inflation in Nigeria has risen to 32.84 percent in November, making it increasingly challenging for Nigerians to afford basic necessities. According to the November 2023 report of the National Bureau of Statistics’ Consumer Price Index, overall inflation increased to … Continue reading Food inflation in Nigeria hits 32.84%, escalating challenges in affording basic nutrition
The Nigerian Exchange Limited (NGX), positive trading momentum persisted for the fifth consecutive day, resulting in a substantial N86 billion gain for investors on Thursday. The NGX has maintained its positive trend since last Friday, carrying it through the fourth … Continue reading Positive market sentiment propels investors to gain N86 billion
Jumia has announced the discontinuation of its food delivery service, Jumia Food, in all operational countries, including Nigeria, Kenya, Morocco, Ivory Coast, Tunisia, Uganda, and Algeria, with effect from the end of December 2023. The company, focusing on its core … Continue reading Jumia food announces exit from Nigeria by end of 2023
President Bola Tinubu has initiated a comprehensive shake-up in the aviation sector, announcing the removal of top officials and the appointment of new heads for key agencies. The move, aimed at enhancing standards and transparency, involves the replacement of executives … Continue reading Tinubu shakes up aviation sector: Terminates five agency heads, suspends NCAA boss
British International Investment to Invest $15m in Valency International for Nigeria’s Agricultural Infrastructure Expansion The British International Investment (BII), the United Kingdom’s development finance institution, has revealed its plan to inject $15 million in equity into Valency International, a Singapore-based … Continue reading UK allocates $15 million for agricultural infrastructure expansion in Nigeria
The resolutions passed at the 74th Annual General Meeting of PZ Cussons Nigeria Plc, which approved a reduction in the company’s share capital, have been canceled by shareholders at the 75th AGM held in Abuja. The decision to overturn the … Continue reading Shareholders halt PZ Cussons’ capital reduction plans
The Nigerian naira experienced a significant appreciation of 27.16%, closing at N864.29/$ on the official Investors and Exporter window on Monday. The daily turnover of the dollar also saw a substantial increase, surging by 86.83% to $132.46 million compared to … Continue reading Naira gains ground, trades at N864/$ on official market with increased dollar supply
The Corporate Affairs Commission (CAC) is poised to delist 91,843 companies for non-compliance with the filing of annual returns. The commission, which initially published a list of 94,581 companies in August, reduced the number to 91,843 in its recent update. … Continue reading CAC set to delist over 91,000 companies for infractions
The latest official figures indicate a slowdown in wage growth and signs of a stalling UK job market. Pay growth, excluding bonuses, decreased to 7.3% in the three months to October, accompanied by a drop in job vacancies. Despite the … Continue reading UK wage growth slows amid stalling jobs market
The federal government of Nigeria has indicated the possibility of returning to the National Assembly next year to seek approval for a supplementary budget if the country exceeds its revenue projections. Currently, President Bola Ahmed Tinubu’s N27.5 trillion appropriation bill … Continue reading Nigeria may increase 2024 Budget if Revenue improves next year – Wale Edun
The banking index of the Nigeria Exchange Limited demonstrated a robust performance, recording the highest gain of 6.08 percent week-on-week, leading to a growth of N66 billion in investors’ wealth. Banking stocks experienced significant investor interest during the week, propelling … Continue reading Banking index surges 6% despite capital concerns
In a move aimed at bolstering the supply of affordable housing, Treasurer Jim Chalmers announced on Sunday that Australia would triple fees for foreign buyers purchasing existing homes. The measures also include heightened penalties for those leaving properties vacant and … Continue reading Australia set to triple fees on foreign purchasers of existing homes
The African Development Bank has successfully obtained a $1 billion guarantee from the United Kingdom, aimed at bolstering lending initiatives supporting South Africa’s transition to renewable energy and the establishment of a more sustainable economy. The bank’s lending capacity will … Continue reading UK commits $1bn to afdb in support of South Africa’s clean energy transition
In the span of six years, a total of 321,867 Micro, Small, and Medium Enterprises (MSMEs) have benefitted from wholesale funding amounting to $1.4 billion, as revealed by the World Bank in a report released on Friday. The report, titled … Continue reading $1.4 billion funding secured by 321,867 SMEs over six years – World bank
Embarking on a business journey in Nigeria may seem daunting, particularly if your capital is limited. However, armed with strategic planning, success is within reach even with a modest sum like 500,000 Naira. This article unveils five lucrative business ideas … Continue reading 5 profitable businesses in Nigeria you can start with 500k
The minority shareholders of Glaxo SmithKline Consumer Nigeria Plc have given their approval for the acquisition of their shares at the rate of N17.42 per unit as the company finalizes the delisting process from the Nigerian Exchange Limited (NGX). The … Continue reading Shareholders greenlight GSK buyback at N17.42 amid delisting process
The Central Bank of Nigeria (CBN) issued a warning on Friday regarding the circulation of counterfeit banknotes, particularly in higher denominations, across major cities in the country. In a statement signed by the acting Director of Corporate Communications, Mrs. Sidi … Continue reading CBN issues warning on counterfeit notes amid ongoing naira scarcity
The Federal Ministry of Power and the China Ministry of Ecology and Environment oversaw the signing of a $150 million agreement for the construction of a lithium-ion battery manufacturing plant in Nigeria by the Chinese company SHENZEN LEMI Technology Development. … Continue reading Nigeria and China ink $150 million deal for battery plant construction
The initial crude feedstock for Dangote’s 650,000 barrels per day (b/d) refinery has reached Nigeria, marking a significant development towards the commencement of fuel production at the $19 billion facility, as reported by SP Global, citing market sources and tanker … Continue reading Dangote refinery receives inaugural crude supply
The President of the African Development Bank Group, Dr Akinwumi Adesina, has cautioned that a proposed EU carbon border tax could have significant repercussions on Africa’s trade and industrialization efforts. The tax, targeting value-added exports such as steel, cement, iron, … Continue reading Africa faces potential $25 billion annual loss from carbon tax
Nigeria witnessed a total foreign exchange inflow of $11.11 billion in the combined months of July and August, as per data sourced from the Central Bank of Nigeria. The August economic report on foreign exchange flows, released by the CBN, … Continue reading CBN reports forex inflow surges to $11 billion over two months
A significant crowd inundated banking halls on Monday as customers rushed to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts. The surge in activity comes in response to the recent directive from the … Continue reading Cash shortage grips banks as customers flock for BVN/NIN revalidation
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